PIA Press Release2005/07/14

RP economic fundamentals remain solid - Bunye

MANILA (14 July) -- "Our economic fundamentals remain solid."

The good news was disclosed by Press Secretary and Presidential Spokesman Ignacio Bunye after Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco said the nation's economy would likely grow by 5 percent this year.

The Palace official said the present administration derives its strength from the economic fundamentals that overcome the prevailing political turmoil and steer forward, particularly the matter of improving the fiscal condition.

Meanwhile, Bunye pointed out that the fate of the economic reform agenda is mainly pinned on the expanded Value Added Tax (E-VAT) law and this is the reason why the government is determined to remove all the legal obstacles to its implementation. (PIA-MMIO) [top]